HEFT vs. GOLY

Last updated Jun 5, 2026

HEFT (Hedgeye Fourth Turning ETF) and GOLY (Strategy Shares Gold-Hedged Bond ETF) are both exchange-traded funds - HEFT is a Long-Short fund actively managed by Hedgeye, while GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index. HEFT is actively managed, while GOLY is passively managed. At a 0.40 correlation, their price movements are largely independent. HEFT charges 0.70%/yr vs 0.79%/yr for GOLY.

Performance

HEFT vs. GOLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Fourth Turning ETF (HEFT) and Strategy Shares Gold-Hedged Bond ETF (GOLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEFT achieves a 7.87% return, which is significantly higher than GOLY's -18.09% return.

HEFT

• 1D: -0.04%
• 1M: 2.98%
• YTD: 7.87%
• 6M: 7.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GOLY

• 1D: 1.19%
• 1M: -1.96%
• YTD: -18.09%
• 6M: -15.05%
• 1Y: 3.79%
• 3Y*: 17.72%
• 5Y*: 6.28%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HEFT vs. GOLY - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	7.87%	0.98%
GOLY Strategy Shares Gold-Hedged Bond ETF	-18.09%	5.80%

Correlation

The correlation between HEFT and GOLY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 24, 2025	0.40

Return for Risk

HEFT vs. GOLY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GOLY

GOLY Risk / Return Rank: 11
GOLY Sharpe Ratio Rank: 11
GOLY Sortino Ratio Rank: 11
GOLY Omega Ratio Rank: 12
GOLY Calmar Ratio Rank: 11
GOLY Martin Ratio Rank: 10

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HEFT vs. GOLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and Strategy Shares Gold-Hedged Bond ETF (GOLY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HEFT	GOLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.12	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.43	0.30	+1.13

Drawdowns

HEFT vs. GOLY - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum GOLY drawdown of -35.99%. Use the drawdown chart below to compare losses from any high point for HEFT and GOLY.

Drawdown Indicators

	HEFT	GOLY	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-35.99%	+26.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-30.16%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-30.16%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.99%	—
Current Drawdown Current decline from peak	-2.68%	-29.33%	+26.65%
Average Drawdown Average peak-to-trough decline	-3.12%	-11.87%	+8.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	13.12%	—

Volatility

Volatility by Period

	HEFT	GOLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	32.90%	-20.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.48%	22.30%	-9.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.48%	22.21%	-9.73%

HEFT vs. GOLY - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is lower than GOLY's 0.79% expense ratio.

Dividends

HEFT vs. GOLY - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than GOLY's 9.62% yield.

Position	TTM	2025	2024	2023	2022	2021
GOLY Strategy Shares Gold-Hedged Bond ETF	9.62%	7.22%	3.85%	2.94%	2.57%	1.11%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEFT and GOLY in my portfolio?

HEFT and GOLY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEFT or GOLY?

On fees, HEFT is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEFT or GOLY?

HEFT is cheaper with a 0.70% expense ratio, compared with 0.79% for GOLY.

Which ETF pays a higher dividend yield, HEFT or GOLY?

GOLY has the higher dividend yield at 9.62%, compared with 0.02% for HEFT.

What is the main difference between HEFT and GOLY?

HEFT is categorized as Long-Short, while GOLY is Nontraditional Bonds. They also come from different issuers: Hedgeye and Strategy Shares. Their fees differ too: 0.70% for HEFT and 0.79% for GOLY.